Gold gets Fed boost after Powell flags rate cut amid global risk

Federal Reserve chairman signals cut in US interest rates

He did not specify what had caused the shock. The reports came after President Donald Trump complained that China hasn't increased its purchases of American farm products, a promise he said he had secured at his G-20 meeting with the country's president Xi Jinping last month.

"The Fed has pretty much made it clear that the negatives of a cooling economy and ongoing trade tensions outweigh the positives of a Goldilocks inflation number and last week's solid jobs read".

Powell is also due to present testimony to the Senate Banking Committee overnight.

"The bottom line is the economy is in a very good place and we want to use our tools to keep it there".

But the United States can not rely on rare decade-long expansions to address the problem of inequality and opportunity.

"We're coasting along with the wind at our back right now after Powell's testimony this week which points toward a rate cut in July", said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.

Powell dodged a question about what economic factors would necessitate a deep rate cut, only saying that policymakers look at a broad range of data when making decisions about monetary policy. This year it has fallen farther below that goal.

US producer prices rose slightly in June as the cost of energy and other goods dropped for a second straight month, beating economists' expectations that prices would be unchanged.

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The analyst further believes that in 2021, Tim Cook-led company will launch three iPhones and none of them would feature a notch. Apple changed how phones were designed when it released the iPhone X in 2017 and introduced the world to the notched displays.

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One wild card in the Fed's decision-making has been Trump's highly unusual public pressure on the central bank to cut rates sharply.

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Appearing on This Morning last week along with Ian, Hart's mother Sue said of the show: "It's been hard for me to watch". Television audience company Applause store have tickets for fans who want to see their winners crowned in person.

The Canadian dollar was on the defensive ahead of a rate meeting by the Bank of Canada in case policy makers tried to slow the currency's recent rally. Powell also said uncertainties over the economic outlook linger.

"If there was any doubt that the data was really compelling, especially the strong USA nonfarm payrolls report last week, I think we had our answer yesterday, with Powell's pretty strong argument for easing as soon as July", said Mazen Issa, senior FX strategist at TD Securities in NY.

This in turn, hurt the super-long 30-year auction, also held late yesterday, besides, Fed Chair Jerome Powell's extremely dovish testimony in front of the House Financial Services Committee.

Wall Street just got a shot in the arm from the Federal Reserve. "We salute you for that".

"We see no solution to the challenges drug manufacturers face regarding growing rebates". "I think this would be on the merits".

Stocks notched fresh highs - with the S&P briefly topping 3,000 for the first time ever - after the Fed signaled it's poised to cut interest rates for the first time in more than a decade, citing worries over trade tensions and growth. The FOMC is the Fed's policy-making body. Even though the Fed has kept rates low and mortgage rates have fallen, those factors have pushed developers to build higher-priced homes to cover the bigger costs. It rose 2.1% from a year ago.

Stock futures pared some gains after a Labor Department report showed US underlying consumer prices increased by the most in almost 1-1/2 years in June. Analysts said Powell's admission means the USA economy is in trouble and Fed intervention is necessary to get it back on the growth track.

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